A recent study predicts that more than a third of over-60s will be living in private rented accommodation by 2040.
Legal & General (L&G) has launched homes to rent to the later life sector through Inspired Villages, its suburban later living business.
This rental offer is part of L&G's commitment to providing housing across the spectrum of all 'tenures, ages and social groups'.
Inspired Villages is moving into the rental sector as part of its expansion programme, aiming to deliver 50 later life living communities over the next five to 10 years to a wider demographic of the UK's over-65s.
James Cobb, sales and marketing director at Inspired Villages, said; “We are all about providing great options for our residents in order to suit their individual needs. Rental can be an excellent choice for some since home ownership isn’t for everyone.
"For some people we speak to, they don’t have a family to pass their money onto, so rental allows them to unlock their housing wealth to live the most spectacular later life with the full financial security.
"Others may never have been on the housing ladder, but still want to access the lifestyle that our villages offer. Some see this as a great extension of our ‘try before you buy’ experience – giving them full confidence that the village is the right place for them.
“We want more people to embrace the lifestyle that is on offer at our retirement villages, with all of its positive health and wellbeing benefits, and providing a rental option enables more people to choose us. ”
Through this proposition, Inspired Villages will deliver a vibrant mix of market sale and build to rent later living homes available in Warwickshire, Cheshire, West Sussex and Exeter.
This comes as research by the Centre for Ageing Better revealed that 414,000 of the older generation now rent a property, up 63% from 2007.
The study predicts that more than a third of over-60s will be living in private rented accommodation by 2040.
Phil Bayliss, chief executive of Later Living at Legal & General Capital, added: “With over three million over 60s in UK seeking to downsize their homes, a home for purchase isn’t going to be the right choice for everyone.
"The number of people choosing to sell their family home to downsize and rent is on the rise, and we are keen to ensure that Inspired Villages is able to offer this opportunity.
"We aim to be as flexible and as relevant to as many people as possible."
